Rivian, the electric "cybertruck" company hits US$100 billion valuation, surpassing General Motors despite only ever having delivered 150 vehicles

Rivian, an electric car company that makes an alternative to Tesla's quirky "cybertruck" recently saw its stock market valuation rise to US$100 billion. But while Elon Musk's electric car business has shipped millions of units worldwide, Rivian's valuation is perplexing, considering how the company's only ever made and delivered 150 finished vehicles. 

Rivian's received over half a billion dollars in investment from Ford and significant backing from Amazon, which plans to use its "cybertrucks" for delivery services in the years to come. Rivian's IPO and subsequent valuation should easily give it the cash it needs to reach its target of producing 1000 electric SUVs and trucks this year. 

The electric car industry is seeing something of a renaissance over the past few years. Tesla saw its valuation soar recently to over US$1 trillion. And globally, electric vehicles now account for over a quarter of all new car sales. In this environment, Rivian's stock rally makes more sense, but it remains to be seen whether the company will deliver on long-term promises.  

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